Kinross Gold Corp.'s operating earnings yield of 9.3% ranks above 88% of the other companies in
the Ford universe of stocks, indicating that it is undervalued. Ford measures the relative valuation
of each company against all other companies in our research universe. Operating earnings yield,
an earnings-to-price ratio based on the last 3 quarters of operating earnings and the current
quarter's estimate, has proven to be the most reliable relative valuation measure. A stock may
stay undervalued or overvalued for a long period of time. For this reason, it is important to
combine this factor with shorter-term predictive factors such as earnings momentum or price
momentum to identify more imminent valuation adjustments.